Newcore buys Derby development site
Newcore Capital Management has bought a three-acre site in the centre of Derby from Speeds for £6m – a 7.15% yield.
Newcore acquired the site on behalf of its £25m opportunistic fund, Newcore Strategic Situations II £25.
The site, on the corner of Traffic Street and Siffdals Road, is let to Euro Car Parks and Excel Car Parks, but has scope for redevelopment.
Newcore Capital Management has bought a three-acre site in the centre of Derby from Speeds for £6m – a 7.15% yield.
Newcore acquired the site on behalf of its £25m opportunistic fund, Newcore Strategic Situations II £25.
The site, on the corner of Traffic Street and Siffdals Road, is let to Euro Car Parks and Excel Car Parks, but has scope for redevelopment.
In 2010, Norseman Holdings obtained planning permission to build five office blocks, a hotel and retail units, totalling more than 500,000 sq ft in Derby’s centre.
Hugo Llewelyn, managing director of Newcore, said: “We believe that, if the council and stakeholders are in favour, the site could be regenerated to accommodate a mixed-use scheme, featuring urban living. Any buildings designed would need to be of architectural merit, to provide an attractive gateway to the city.
“Equally, the current and other car parking operators are keen to take longer leases, if such a scheme is not viable. This optionality is what we always look for in our investments in social infrastructure, accommodation and storage, of which car parking is an integral part. We are keen to purchase other such sites for our current fund.”
JLL acted for Newcore; Salloway Property Consultants acted for Speeds.
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